The GoldBod Jewellery, a subsidiary of the Ghana Gold Board (GoldBod) is set to receive support from a Ghanaian renowned entrepreneur and investor, Richard Nii Armah Quaye following the management’s recent visit.
The delegation, led by the Board’s Managing Director, Gertrude Emefa Donkor, Esq., aimed to share the company’s bold vision of becoming Africa’s premier gold-value-addition brand and cementing Ghana’s place on the global jewellery map.
Accompanying the GoldBod Jewellery team were brand ambassadors Bola Ray and Joselyn Dumas, underscoring the company’s commitment to leveraging influential voices to drive its ambitious agenda.
“On his part, Richard Nii Armah Quaye praised the company’s progress and expressed strong interest in supporting and patronising GoldBod’s products.”
GoldBod Jewellery
GoldBod Jewellery’s Value-Addition Initiatives
The restructuring and rebranding of the Ghana Gold Board’s fully-owned Ghanaian jewellery manufacturing company, marks a strategic pivot for the organisation.
By shifting its focus to serving customers with authentic and exquisite locally-crafted jewellery and ornaments, GoldBod Jewellery aims to encourage the patronage of made-in-Ghana products and elevate the country’s standing in the global jewellery industry.
GoldBod Jewellery’s value-addition initiatives are not just about creating beautiful and sought-after products; they are also a testament to the company’s unwavering dedication to Ghana’s broader economic growth.
By harnessing the country’s rich gold resources and transforming them into high-quality jewellery, the company is driving the domestic gold market and contributing to the diversification of the mining sector.
In addition to this GoldBod Jewellery’s value-addition initiatives, the board also implemented several key initiatives to boost the country’s gold trade, primarily by formalizing the artisanal and small-scale mining (ASM) sector and curbing illegal activities.
One of the primary initiatives is the establishment of a national monopoly on gold trading and export from the small-scale mining sector, making the GoldBod the sole legal entity for these activities.
This initiative centralizes the supply chain, ensuring traceability from the mine to the market and drastically reducing smuggling, which previously led to an estimated loss of over US $1.5 billion annually.
To facilitate this, a revolving fund was created to purchase all gold from small-scale miners at transparent and fair prices, often up to 98% of the world market price, thereby discouraging the use of illegal channels.
In terms of economic impact, the GoldBod has initiated a Domestic Gold Purchase Program to increase the Bank of Ghana’s foreign exchange reserves and stabilize the national currency, the cedi. The program requires that a portion of large-scale miners’ output is also sold locally to the Board.
Furthermore, a major policy shift involved the abolition of the 1.5% withholding tax on unprocessed gold to encourage more legal trade and enhance compliance.
Beyond trade, the GoldBod emphasizes responsible and sustainable practices and value addition.
Initiatives include a US $1 billion Mining Support Programme to help miners acquire environmentally friendly equipment and the allocation of significant funds for the reclamation of devastated forest reserves.
According to the board, efforts are underway towards achieving London Bullion Market Association (LBMA) certification for local refineries and has plans to establish a “Gold Village” to position Ghana as a hub for local jewelry production, moving away from exporting raw gold.
The GoldBod also supports miners through training programs to improve operations and negotiation skills, ensuring they receive fair compensation and reducing the risk of exploitation.
GoldBod Jewellery and national Development
The success of GoldBod Jewellery’s value-addition efforts reserves the potential to boost the country’s economy.
Through promoting the patronage of locally-crafted jewellery, the company is not only supporting the livelihoods of its own artisans and workers but also inspiring a sense of national pride and the appreciation of Ghanaian craftsmanship.
This, in turn, can have a multiplier effect, stimulating further investment, creating new employment opportunities, and positioning Ghana as a force to be reckoned with in the global jewellery arena.
The visit to entrepreneur and investor Richard Nii Armah Quaye represents a significant milestone for GoldBod Jewellery.
Quaye’s strong interest in supporting and patronising the company’s products underscores the growing confidence in the brand and the potential for further growth and expansion.
As GoldBod Jewellery continues to refine its value-addition strategies and strengthen its position in the market, the mining and extractive industry eagerly await the company’s transformative impact on Ghana’s jewellery landscape.
With the backing of influential partners and the unwavering commitment of its leadership, the future of GoldBod Jewellery appears to be one of boundless possibilities.
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